Florida Single Family Homes October 2016 Market Detail
The Florida Single Family Homes Market Detail for October 2016 showed weaker sales activity from last year. Closed sales were down by 5.3% (was down by 0.5% in September) and new sales under contract (new pending sales) were down by 7.1% (was down by 4.8% in September).
Both the median and average sales prices, though, continue to rise from October 2015 to October 2016. Up by 11.7% and 6.4% respectively, compared to September’s 11.3% and 6.8%. I continue to predict the rate of price increases to moderate in the near future if sales continue to slow and this should also result in a rise of inventory.
The inventory of available homes for sale fell by 3.2% from last year. For October there was only a 4.2 months supply of inventory as Florida remains in a sellers market with the advantage for sellers. (October of 2015 had a 4.3 month supply) A balanced market favoring neither buyers or sellers is considered to be one with a 6 to 7 month supply of inventory.
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Market information is courtesy of Florida Realtors Research. For additional information and historical archives please visit the Florida Realtors Research page.